Financial consultants can help by recommending investments that outpace inflation, such as real estate or certain stocks. A client of mine followed this strategy and saw their savings grow by 15% in just two years, effectively countering inflation.
Even though Mr. Marks primarily deals with the credit markets, value equity investors can still learn a lot from him. I've always seen him as a modern-day philosopher. Also, you asked many questions that have not been asked of him before. Great interview, like all of your other ones.
I am so grateful that you have come out and shared your experiences and written a book. I have read all of your books and I have really benefited from them. Thank you Howard Marks.
Take aways: - Investment Principles: Risk Control, Consistency, Market Efficiency, Specialization, No Macro Prediction, No Market Timing - Annie Duke, “Thinking in Bets” - Risk Control, is not risk avoidance, risk avoidance equals to return avoidance, but risk is not also equal to return guarantee. The key of risk control, is risk awareness, able to analyze and take an unbalanced return-risk bet on it - Most of time market is not predictable, thus no market timing, but on the other side, when market is at extreme, it’s fairly predictable, but it’s very very rare. 5 times only in the 50 previous years. After the financial crisis, they buy large assets in the consecutive 13 weeks after the bankruptcy of Lehman Brothers. Most of the time, shall follow a bottom up fashion
Speaking of professionals, have you guys heard of RPC Wealth? They've been managing my portfolio for the past couple of years, and I've seen significant growth in my investments.
Plus, they have a team of seasoned professionals who are experts in their field. They use a combination of traditional investment strategies and cutting-edge technology to maximize returns for their clients.
@@WhitneyRoss-dj4rf That sounds promising. I've been looking for a reliable advisory firm to help with my management complexities in the market. How has your experience been with RPC Wealth
"I don't know enough about AI to know if this is excessive or justified." Neither do I, but I know enough about markets to know that given the current velocity, the chances are that it will become overvalued!
what a podcast, really appreciate it I have two questions: 1. How do you know when the consensus is actually right? What are the cause/effects we should study if the consensus may actually be right and we are not making bets because its contrary? For example, the consensus is not too too strong for the market like right now with the S&P 500 outlook hitting 6,000 points by end of 2024 (Source Evercore ISI) but the market is slightly over-heating? 2. Since we know that there are cycles both the short-term debt cycle (business cycle) and the long-term debt cycle, we know that people become excessive due to emotions when times are good. If we know and understand these cycles, why do people become excessive contributing to their own downfall? How can we measure the inflection point and know the maximum temperature we can hit in the markets before we are on a downward spiral?
Guys, technical issues are common and understandable, but whoever was operating these cameras could go to functional camera and operate it. Make it wide for both people when question time and zooming in slowly for responses. Great interview though
Elon was generous enough to give this man an interview early this year and in return, this man voted AGAINST Elon's pay package. Elon even accepted his dinner invitation. This man have no shame. GYF Nicolai from Norway
Uhh, people are not as unpredictable as he thinks. If he really needs a lesson in psychology, he could start in his intellectual neck of the woods: behavioral finance.
It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...
It's unbelievable that this is free. What a blessing.
I concompletely concur. This was so incredible in many ways
Don't tell them that! 🤨
“When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something.”
" Warren Buffet "
Financial consultants can help by recommending investments that outpace inflation, such as real estate or certain stocks. A client of mine followed this strategy and saw their savings grow by 15% in just two years, effectively countering inflation.
I copied his name and pasted it into my browser; his website came up immediately, and his qualifications are excellent. Thank you for sharing.
Even though Mr. Marks primarily deals with the credit markets, value equity investors can still learn a lot from him. I've always seen him as a modern-day philosopher. Also, you asked many questions that have not been asked of him before. Great interview, like all of your other ones.
Howard Marks is one of the few money managers that are both consistent and reliable.
Rarely leave comments but this interviewer really knows what to ask, how to ask and a lot of insights are solicited. Thanks!
Such a great interviewer... He knows marks stuff well to ask suck insightful question to fulfill audience s curiosity
This is a really insightful conversation about investing and markets. Howard Marks deeply understands the market.
Greatly appreciate all the effort you put into running Norges and doing these interviews.
Never heard anyone else with such a clarity of thought. Mark Howards is a deep thinker.
Any others I should follow?
Phenomenal interview with lots of wisdom shared. Thank you Nikolai and Howard for sharing this with us
I am so grateful that you have come out and shared your experiences and written a book. I have read all of your books and I have really benefited from them.
Thank you Howard Marks.
I feel I always learn something when I listen/read something from Howard Marks. Inspiring!
Anyone else?
Love Marks. Host relentlessly seeks free advice.
Simply the best trader of 2023. Thanks for the lessons.
Take aways:
- Investment Principles: Risk Control, Consistency, Market Efficiency, Specialization, No Macro Prediction, No Market Timing
- Annie Duke, “Thinking in Bets”
- Risk Control, is not risk avoidance, risk avoidance equals to return avoidance, but risk is not also equal to return guarantee. The key of risk control, is risk awareness, able to analyze and take an unbalanced return-risk bet on it
- Most of time market is not predictable, thus no market timing, but on the other side, when market is at extreme, it’s fairly predictable, but it’s very very rare. 5 times only in the 50 previous years. After the financial crisis, they buy large assets in the consecutive 13 weeks after the bankruptcy of Lehman Brothers. Most of the time, shall follow a bottom up fashion
Investment banking can be quite lucrative if you know what you're doing, but it also comes with its fair share of risks.
That's true. I've dabbled in investment banking myself, but I prefer to leave the heavy lifting to the professionals.
Speaking of professionals, have you guys heard of RPC Wealth? They've been managing my portfolio for the past couple of years, and I've seen significant growth in my investments.
RPC Wealth, you say? I haven't heard of them before. What sets them apart from other advisory firms?
Plus, they have a team of seasoned professionals who are experts in their field. They use a combination of traditional investment strategies and cutting-edge technology to maximize returns for their clients.
@@WhitneyRoss-dj4rf That sounds promising. I've been looking for a reliable advisory firm to help with my management complexities in the market. How has your experience been with RPC Wealth
Wow I just discovered Howard Marks in detail today and I am blown away.
Incredible object, intriguing subjects. Well done! And thank you.
Howard is incredible intelligent and wise, it's that that's made him so rich
Timeless wisdom from Mr. Marks
"I don't know enough about AI to know if this is excessive or justified." Neither do I, but I know enough about markets to know that given the current velocity, the chances are that it will become overvalued!
Excellent interview ⭐⭐⭐⭐⭐
Things that would be difficult individually become easier when you have somebody you respect who supports you - Howard Marks
Thank you for this channel and the interviews, from Thailand!
one of the best so far , conversations
Two very, very brilliant gentlemen.
What a great interview! Thank you
These investor podcasts are excellent, Warren Buffet and Seth Klarman sometime?
Amazing interview. Thank you.
The world needs decision makers rather than creators
Great content. Out of curiosity, what % of Oaktree main fund returns are driven by use of credit facility vs investment alpha. Asking for a friend.
Good stuff! Interesting questions and intelligent answers!!
Sawasdeekrap from Thailand.🙏
Thank you Nicolai
Good content and enough details to make you money.😍
Markets were acting in a carefree non-risk-conscious kind of manner. Bingo!
what a podcast, really appreciate it
I have two questions:
1. How do you know when the consensus is actually right? What are the cause/effects we should study if the consensus may actually be right and we are not making bets because its contrary? For example, the consensus is not too too strong for the market like right now with the S&P 500 outlook hitting 6,000 points by end of 2024 (Source Evercore ISI) but the market is slightly over-heating?
2. Since we know that there are cycles both the short-term debt cycle (business cycle) and the long-term debt cycle, we know that people become excessive due to emotions when times are good. If we know and understand these cycles, why do people become excessive contributing to their own downfall? How can we measure the inflection point and know the maximum temperature we can hit in the markets before we are on a downward spiral?
Reading Richer, Wiser, Happier. He was featured in it!
very good content, thank you
Guys, technical issues are common and understandable, but whoever was operating these cameras could go to functional camera and operate it. Make it wide for both people when question time and zooming in slowly for responses. Great interview though
true. I was thinking the same - why not just have a pan with both lol
Hat mir echt weitergeholfen.
Stanley Druckenmiller please. And ask about his Nvidia stocks!
Howard is brilliant
You know you have to watch it once you see the name!
Excellent 👍
thank you sir💗
Great questions
the only one without interrogation feeling ;) asking P911 CEO about China sales- hilarious!
now US is crazy high, China is crazy low
Love this!
Love it
I'm wrong for the right reason!
Elon was generous enough to give this man an interview early this year and in return, this man voted AGAINST Elon's pay package. Elon even accepted his dinner invitation. This man have no shame. GYF Nicolai from Norway
“No economist would be hired”… e.g Robert Shiller in Gundlach’s RE funds - Doubleline
Uhh, people are not as unpredictable as he thinks. If he really needs a lesson in psychology, he could start in his intellectual neck of the woods: behavioral finance.
Having a sigma personality is a positiv.
First!
second
warren, Howard, Brent Johnson - about the only 3 people that makes some sense on YT... for reference I outperform 99% of pro managers.
41:18 Well, you've been fooled by Nasib, dentistry has a lot uncertainty and risks too, coming from a 0,01%dentist
This guys voted YES for Elon 2018 package, and voted NO now.
Nicolai might be a brilliant money manager but, as an interviewer, if we replaced him with a prison guard it wouldn't alter the result too negatively.
It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...
37:55
Using the postwar PE is absolutely useless.
10:20 people go to excess
The interviewer was incredibly annoying. Still great to listen to Marks though
Howard isn't CEO
guy is not sure why cycle exists... hmm
.....he has a book named mastering market cycles! Bahahha
oh no Nikolai has been abuducted by aliens
This guy’s fund voted against paying out Elon’s compensation package. Very sneaky, be aware.
Thanks for you information,but I think your opinion is biased.
I would have voted his package down too. Elon is diluting the share holders with his package.
Excellent interview. Thank you.